Daily Technical Report
September 08, 2014
Sensex (27027) / Nifty (8087)
Exhibit 1: Nifty Daily Chart
On Friday, we witnessed a flat opening in-line with quiet
global cues. After moving slightly higher during the initial
hour, the index corrected sharply to test Thursday’s low.
However, once again a modest recovery towards the fag
end led to a close with very nominal losses. The Realty,
Capital Goods and Metal sectors were among the major
gainers; whereas the Auto, Banking and FMCG counters
remained slightly under pressure throughout the session.
The advance to decline ratio was strongly in favor of the
advancing counters. (A=1739 D=1262) (Source-
www.bseindia.com)
Formations
The ’89-day EMA’ and the ’89-week EMA’ are placed at
25147 / 7523 and 21829 / 6529 levels, respectively.
The ’20-day EMA’ and the ‘20-week EMA’ are placed at
26458 / 7925 and 25098 / 7495 levels, respectively.
Source: Falcon
Actionable points:
Trading strategy:
The calendar year 2014 seems to have a magical touch on
View
Neutral
the Indian equity market. We witnessed the much awaited
Support Levels
8049 - 8022
breakout from the previous tops of the Nifty, attained during
Resistance Levels
8123 - 8150
March 2014. The Nifty, in the recent few sessions, has just
been moving northwards without taking any halt. It has now
even surpassed the psychological level of 8000 in merely
We are observing three consecutive ‘Narrow Range Body’
four months after surpassing the figure of 7000, which is a
formations on the daily chart. An occurrence of such a
great achievement. We have been continuously mentioning
pattern near the strong resistance zone does not bode well
in our earlier reports that the bias on the market remains
for the bulls. But in the current scenario, it will be very
positive and the Nifty could likely move beyond the 8000
difficult to anticipate an immediate reversal of the trend as
mark, which has happened. In-line with our view, the Nifty
the price structure of many individual stocks still looks
met with our target of 8050 and in fact, due to strong
encouraging. Hence, we have come to the conclusion that
momentum, it managed to extend this rally to post a new all
the Nifty may consolidate a bit for some time and may
time high of 8141.90 (high on September 03,
2014).
remain within the narrow trading range of 8150 - 8000.
Technically speaking, this recent high coincides with the
Meanwhile, individual stocks, especially the mid-cap
higher end of the ‘Upward Sloping Channel’ (please refer
counters, may continue to outperform the broader market
exhibits) seen on the daily as well as the weekly chart.
indices.
Hence, 8150 - 8180 can be considered as a strong
resistance zone in the near term. . Looking at the price
movement in the last three sessions, it can be concluded
that the ongoing momentum is now getting fizzled out.
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Daily Technical Report
September 08, 2014
Bank Nifty Outlook - (15983)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, the banking index too opened quietly in-line
with our benchmark index. Similar To the Nifty, the
banking index moved slightly higher in the initial trades;
but faced strong selling pressure around the day’s high.
As a result, we witnessed a decent profit booking
immediately post the midsession. A marginal recovery
towards the end trimmed some part of losses to close the
index tad below the 16000 mark. Although, the index has
come off a bit after meeting our targets; we are not
observing a major change in the chart structure. Fresh
long positions can still be initiated by keeping a stop loss
of 15680 (Bank Nifty Spot). If the index manages to take
a u-turn from the current level or tests slightly lower levels
of 15850 (hourly ’89 EMA’), then it can retest the 16200
mark or may even surpass it to move towards 16350 -
16450 levels. We advise traders to maintain stop losses
for their positions.
Actionable points:
View
Neutral
Resistance Levels
16100 - 16200
Support Levels
15900 - 15800
Source: Falcon
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Daily Technical Report
September 08, 2014
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
26,784
26,905
27,042
27,164
27,300
NIFTY
8,014
8,050
8,086
8,123
8,159
BANKNIFTY
15,776
15,879
15,995
16,098
16,214
ACC
1,494
1,508
1,526
1,540
1,558
AMBUJACEM
209
211
213
215
217
ASIANPAINT
629
638
644
653
659
AXISBANK
411
413
416
419
422
BAJAJ-AUTO
2,257
2,298
2,324
2,365
2,391
BANKBARODA
865
875
882
892
900
BHARTIARTL
389
395
401
407
414
BHEL
217
220
224
227
230
BPCL
674
681
691
698
708
CAIRN
329
330
332
333
335
CIPLA
540
549
554
563
569
COALINDIA
361
366
372
377
384
DLF
160
168
172
180
184
DRREDDY
2,933
2,956
2,982
3,005
3,031
GAIL
439
446
452
459
466
GRASIM
3,496
3,530
3,585
3,619
3,674
HCLTECH
1,641
1,653
1,662
1,674
1,683
HDFC
1,030
1,043
1,062
1,074
1,094
HDFCBANK
838
843
849
855
861
HEROMOTOCO
2,703
2,732
2,781
2,810
2,859
HINDALCO
162
165
169
171
175
HINDUNILVR
727
730
736
740
746
ICICIBANK
1,511
1,529
1,555
1,573
1,598
IDFC
140
142
143
145
147
INDUSINDBK
602
607
613
619
624
INFY
3,654
3,692
3,744
3,782
3,833
ITC
347
349
350
352
354
JINDALSTEL
222
228
232
238
243
KOTAKBANK
1,041
1,060
1,073
1,091
1,104
LT
1,566
1,589
1,605
1,629
1,645
LUPIN
1,308
1,318
1,325
1,335
1,341
M&M
1,385
1,397
1,408
1,419
1,430
MARUTI
2,839
2,860
2,881
2,902
2,923
MCDOWELL-N
2,140
2,211
2,297
2,368
2,454
NMDC
173
180
183
189
192
NTPC
140
141
142
144
145
ONGC
432
438
442
448
453
PNB
919
928
941
949
963
POWERGRID
132
133
134
136
137
RELIANCE
1,014
1,020
1,027
1,033
1,039
SBIN
2,467
2,491
2,511
2,535
2,555
SSLT
274
278
280
284
287
SUNPHARMA
843
850
860
868
877
TATAMOTORS
495
501
509
514
522
TATAPOWER
87
88
89
89
90
TATASTEEL
502
508
512
518
522
TCS
2,562
2,581
2,601
2,619
2,640
TECHM
2,421
2,444
2,484
2,508
2,547
ULTRACEMCO
2,627
2,649
2,689
2,711
2,750
WIPRO
572
577
580
585
589
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Daily Technical Report
September 08, 2014
Research Team Tel: 022 - 30940000
E-mail: [email protected]
Website: www.angelbroking.com
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Sameet Chavan
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Technical Analyst
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